Health Care

Insurance premiums and unreimbursed expenses paid for long-term care are deductible as a medical itemized deduction. There are limitations on the annual insurance premiums paid.
For 2013
If Age 40 or under the maximum allowed deduction is $360
If Age 41-50 the maximum allowed deduction is $680
If Age 51-60 the maximum allowed deduction is $1360
If Age 61-70 the maximum allowed deduction is $3640
If Age 71 or older the maximum allowed deduction is $4550

You are allowed to deduct medical expenses paid on behalf of your parents even if they aren't your dependents.

First of all, life insurance is generally not deductible as a business expense. However, life insurance can provide a tax-free accumulation of cash value. Most importantly, the proceeds paid upon the death of the one who is named on the life insurance policy, is tax-free to the beneficiaries, if the policy is not held within a pension plan. Life insurance is often used to provide liquidity for the payment of estate taxes or the buyout of a business interest upon the death of one partner. Meet with a CPA to discuss your situation in detail. There are many types of life insurance policies. A CPA can determine which type of policy is suitable for your needs.

Insurance companies offer policies that allow for one premium payment to be made. The premium is large enough to pay for life insurance coverage for many years because part of the money is going into an investment vehicle which will fund the future cost of the insurance policy.